This study used the experimental method to elicit abstract risk attitudes on and preferences for uncertainties based on the context of flooding in the Mekong Delta, Vietnam. In contrast to the common assumption that farmers are risk averse, our results showed that farmers are, on the average, risk neutral. Moreover, although farmers are ambiguity averse toward Ellsberg-type uncertainty, they are not averse to flooding uncertainty. We also found that farmers systematically underestimate the probability of flooding. The results of the study provide possible explanations for the low take-up of insurance.